KARACHI, Jan 7: Pakistan Industrial Credit and Investment Corporation Ltd. (PICIC) is looking for a reputed consultant for acquiring National Investment Trust Ltd. (NIT) through privatization.

Banking sources said here on Monday that PICIC had been pre-qualified by the Privatization Commission to participate in due diligence process for acquisition of NIT.

Now, PICIC is searching for an experienced consultant to acquire advisory services for strategic acquisition or privatization of NIT.

Sources said that acquiring of NIT would be an addition to the existing family of PICIC, which was currently holding a commercial bank, a leasing company and planning to have a modaraba company shortly.

With the acquisition of NIT, PICIC will enter into capital market business, generating long-term finances for the corporate sector.

PICIC’s operating profit surged by 70 per cent to Rs530 million during 2000-2001 as it declared a cash dividend of 12 per cent and bonus share of 10 per cent.

PICIC’s loan sanctioning also registered an increase of 121 per cent, rising from Rs928 million in 1999-2000 to Rs2.053 billion.

PICIC has finalized lease contracts of Rs212 million while its short-term advances stood at Rs1.175 billion, recording a growth of 124 per cent over the preceding year.—APP